02/03/2018 Asia Business Report

Now on BBC News, all the latest

business news live from Singapore.

President Trump announces tariffs on

steel and aluminium, and Wall Street

hates it -- takes a dive in

response. China's demonstrates an

official intelligence to help you

still clear of man's best friend.

Good morning, welcome to Asia

Business Report, live from

Singapore. The US president Donald

Trump has announced he will impose a

tariff of 25% on imports of steel,

and 10% on aluminium. Arguing it

will protect jobs in America's

former industrial heartlands. US

steel makers applauded the

President's decision, while

executives in other industries

warned that the tariffs could hurt

American manufacturers, and risk

provoking a global trade war. But

for workers in suburban

Pennsylvania, many of whom voted for

Mr Trump, the tariffs cannot come

soon enough. Jo Miller has more. For

almost two centuries, the -- this

has been a mainstay of America

industry, producing up to half the

time it -- half 1 million tonnes of

steel per year.

I was able to build

my house and provide a good

lifestyle for my son and I, but

right now, I am in jeopardy of

having to start over at 47 years

old.

Last autumn, Kimberly and do

hundred 50 of her fellow employees

were told that with the price of

steel dropping, their employer would

idle the mill, and ask 100 jobs. But

just a year before, many of them

voted for a man who campaigned on a

prop but does promise to end their

industry's relentless cycle of boom

and bust. After months of dithering,

the trumpet administration has

announced its intention to slap

tariffs of 25% on steel imports.

We

will be imposing tariffs on steel

imports and tariffs on aluminium

imports, and you will see lots of

good things happen.

For workers at

the local union hall, the tariffs

have been a long time coming. For

years, they felt at the mercy of

China, which produces as much steel

in a month as the US does in a year.

We are not saying don't treat, we

have to treat, but we need to be

treated fairly. We are not even in

the game.

But the White House is

running into the same problem that

has plagued previous

administrations. Imposing strict

tariffs on steel imports could cause

China and other important trade

partners to retaliate in kind, and

that could cost jobs in other parts

of the country instead. Other

industries say they fear a backlash

to the tariffs, and markets in New

York fell sharply after the

announcement. But for volunteer

firefighter Chuck, saving steel is

worth the cost.

This industry in

particular is a cornerstone of

America. If we cannot make our own

steel, we are leading ourselves one

herbal. -- vulnerable to everyone

else in the world.

A decision from

Washington has, alas, but still

workers in Pennsylvania will not be

celebrating just yet, and will be

watching for help reaching and

Brussels respond. -- Beijing and

Brussels. As Joe mentioned, we saw a

fall in Wall Street, and Asia shares

are tracking. Our business reporter

has more. Steel makers are happy,

but particularly other makers are

not happy at all.

-- car-makers as

well as Asia biggest steel knickers

are seeing their shares go into the

bread because of these tariffs that

President Trump are seeing. They are

concerned about higher costs, as

well as a possible trade war. The

fall of these car-makers and steel

makers are working on the overall

index is in Japan, indicating 25 is

down by 2.5%. The Hang Seng in Hong

Kong has just opened up, while

Australia shares are weaker as well.

This all has to do with how much

they export to America, in terms of

steel and aluminium. South Korea is

the third-largest source of steel to

America, accounting for 10%. The two

biggest are Canada and Brazil, as we

mentioned earlier. Japan is also a

major supplier, they account for 5%

of all steel imports into America --

America. We mentioned already that

sectors like Honda playmakers will

be affected, because they use lots

of steel in their products, but also

technology products and food.

Finally, this causes a question on

how China will react. China supplies

only 2% of US steel imports, but

they are MHO -- major global Claire,

and are the biggest producer of

steel in the world. They have become

so big a hit driven down prices, and

they can expect retaliatory measures

from China and Japan against the US.

Figure for the update. Let us move

on to India, because the there has

just introduced a new law that will

confiscate assets of absconding low

defaulters. It comes in the backdrop

of the recent one point a

billion-dollar bank scam involving

Indian, billionaire. Let's go over

tarp Indian business correspondence.

The Bill was approved last evening,

now the Bill, which is called the

economic absconders bill, it means

that authorities will have power to

take over all the assets of those

low defaulters who have not paid

back the banks, and have fled the

country. This has been done because

of the Indian billionaire who

swindled allegedly close to $128

billion from an Indian national

Bank, and also a famous bank of a

liquor baron who owed the banks of

billion dollars. He has fled and is

living in the UK, the Indian

government is trying to extradite

him. What this bill allows is that

whenever a court issues an arrest

warrant against any individual for

defaulting or not paying back the

banks, the individual flees the

country, then without conviction,

the authorities will have the power

to seize all their assets, sell

them, recover the money, and pay

back the banks. This is important

because if you look over the last

few years, there have been many

instances where a lot of low

defaulters have fled the country,

and the cases against them have been

stuck in the courts he does until

now, in law said that unless the

individual is convicted, the bank

cannot sell those assets. And now

the authorities have the power, they

can sell the assets before

convictions, and that is very

significant, as far as Indian banks

go.

Thank you for the update.

China's hallway has turned one of

its phones into a dull collision

avoidance system for cars, as part

of an unusual... We try out the

artificial intelligence feature for

ourselves in Barcelona.

This is a perfectly standard car,

nice self driving car, but it has a

camera, a sophisticated camera on

the tube -- the roof, which is

talking to this mobile phone with

artificial intelligence built into

it. Is that AI which will

effectively steer the car around the

objects in our path.

We have a training run where the

phone has detected the various

objects in our way, and that we have

to do one for real at speed.

What are you trying to show?

This is

not suggesting that it will enter

the autonomous car industry, just a

show and demonstrate the power of

artificial intelligence, which is

built into the inside of the device.

It is AI happening on the device in

real-time.

I truly believe Rowley

has one of the best jobs at the BBC,

having all the fun. Let's recap our

top story, President Trump

announcing tariffs on imported

steel. The one market that will not

be affected is India, because

markets they're close, as the

traditional Hindu festival of holy

takes place, is also known as the

Festival of colours, as you can see

there. It celebrates the triumph of

good over evil, and welcomes the

arrival of spring. Let's show you

the markets before we go, as Lisa

mentioned, all Asian markets are

down, Thompson down 115%. That's

this edition of Asian business

report, thanks for joining us.